Kellogg (NYSE:K) Releases Earnings Results, Beats Estimates By $0.13 EPS

Kellogg (NYSE:KGet Rating) released its quarterly earnings data on Thursday. The company reported $1.18 EPS for the quarter, beating analysts’ consensus estimates of $1.05 by $0.13, Briefing.com reports. Kellogg had a net margin of 10.81% and a return on equity of 34.82%. The company had revenue of $3.86 billion during the quarter, compared to analyst estimates of $3.64 billion. During the same period last year, the business earned $1.14 earnings per share. Kellogg’s revenue was up 8.7% compared to the same quarter last year. Kellogg updated its FY22 guidance to $4.24 EPS and its FY 2022 guidance to $4.12-$4.12 EPS.

Kellogg Trading Up 1.7 %

K stock traded up $1.22 during midday trading on Friday, reaching $75.04. The company’s stock had a trading volume of 2,534,476 shares, compared to its average volume of 2,700,061. Kellogg has a 1 year low of $59.54 and a 1 year high of $76.45. The company has a debt-to-equity ratio of 1.39, a quick ratio of 0.39 and a current ratio of 0.65. The stock has a fifty day simple moving average of $70.98 and a two-hundred day simple moving average of $67.74. The firm has a market capitalization of $25.35 billion, a price-to-earnings ratio of 16.71, a PEG ratio of 4.77 and a beta of 0.43.

Kellogg Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Thursday, September 1st will be paid a $0.59 dividend. This is a positive change from Kellogg’s previous quarterly dividend of $0.58. The ex-dividend date of this dividend is Wednesday, August 31st. This represents a $2.36 dividend on an annualized basis and a yield of 3.14%. Kellogg’s dividend payout ratio (DPR) is presently 51.67%.

Analysts Set New Price Targets

Several research analysts have commented on the stock. Morgan Stanley lifted their price target on shares of Kellogg from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research note on Thursday, July 14th. StockNews.com upgraded shares of Kellogg from a “hold” rating to a “buy” rating in a report on Monday, May 9th. JPMorgan Chase & Co. restated an “underweight” rating and set a $67.00 target price (up previously from $64.00) on shares of Kellogg in a report on Wednesday, June 22nd. Citigroup boosted their target price on shares of Kellogg from $83.00 to $87.00 and gave the company a “buy” rating in a report on Wednesday, June 22nd. Finally, Piper Sandler cut shares of Kellogg from a “neutral” rating to an “underweight” rating and dropped their target price for the company from $66.00 to $62.00 in a report on Tuesday, May 3rd. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Kellogg currently has a consensus rating of “Hold” and an average price target of $70.90.

Insider Transactions at Kellogg

In other Kellogg news, major shareholder Kellogg W. K. Foundation Trust sold 146,153 shares of Kellogg stock in a transaction dated Wednesday, July 20th. The stock was sold at an average price of $70.76, for a total value of $10,341,786.28. Following the transaction, the insider now owns 57,024,144 shares in the company, valued at $4,035,028,429.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last 90 days, insiders have sold 876,918 shares of company stock valued at $62,011,256. 1.40% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Kellogg

Institutional investors and hedge funds have recently modified their holdings of the company. Cowa LLC acquired a new position in shares of Kellogg during the 1st quarter worth approximately $33,000. Federated Hermes Inc. purchased a new stake in shares of Kellogg during the first quarter worth approximately $98,000. Covestor Ltd increased its position in shares of Kellogg by 35.5% during the first quarter. Covestor Ltd now owns 1,984 shares of the company’s stock worth $128,000 after purchasing an additional 520 shares in the last quarter. International Assets Investment Management LLC grew its holdings in Kellogg by 0.3% in the 1st quarter. International Assets Investment Management LLC now owns 51,858 shares of the company’s stock valued at $170,000 after buying an additional 159 shares in the last quarter. Finally, Ontario Teachers Pension Plan Board purchased a new position in shares of Kellogg during the 1st quarter worth $212,000. Institutional investors and hedge funds own 84.34% of the company’s stock.

Kellogg Company Profile

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Kellogg Company, together with its subsidiaries, manufactures and markets snacks and convenience foods. The company operates through four segments: North America, Europe, Latin America, and Asia Middle East Africa. Its principal products include crackers, crisps, savory snacks, toaster pastries, cereal bars, granola bars and bites, ready-to-eat cereals, frozen waffles, veggie foods, and noodles.

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Earnings History for Kellogg (NYSE:K)

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